I previously worked as a reporter for Business Daily, Kenya's largest business newspaper. Now I travel across Africa, helping FORBES track the richest people on the continent and telling their stories. I also chronicle the stories of successful African enterprises and the entrepreneurs behind them. Email me at mnsehe@forbes.com and follow me on Twitter @MfonobongNsehe

Prince Alwaleed To Invest More In Africa

On Monday, Prince Alwaleed’s diversified investment company, Kingdom Holdings, signed a memorandum of understanding (MOU) with Pinebridge Investments Middle East, a leading independent asset manager based in Bahrain, to establish a joint venture that would invest directly in private equity opportunities in Africa.

According to a press release published on Pinebridge’s website, the new joint venture will invest in African companies engaged in the manufacturing, consumer, infrastructure and financial sectors, in response to rising investor demand for exposure to the continent’s fast growing economies.

“We have a strong conviction that the African continent is going through positive socio-economic transformations,” Talal Al Zain, Chief Executive Officer of Pinebridge Investments said in the news release.

Prince Alwaleed

Prince Alwaleed Bin Talal Alsaud, the 31st richest man in the world with a fortune estimated at $21.1 billion, has been an investor in Africa for many years. His investments in Africa are currently held through Kingdom Africa Management, an African-focused private equity fund that owns a minority stake in Hydrocarbon Nigeria Limited, a leading oil exploration firm, among other investments.

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